Tesla Reduces Prices Of Selected Car Models In S’pore, Supposedly Passing Savings On To Customers

Tesla Reduces Prices Of Model 3 & Model Y Vehicles By Up To S$5,000

If you’ve always wanted to own a Tesla, now may be the time.

The American electric vehicle maker has reduced the prices of their Model 3 and Model Y vehicles by up to S$5,000.

Tesla Model 3. Source: Tesla

The company said they aim to pass savings directly to customers.

Tesla reduces prices by up to 5%

In a media release sent to MS News on Friday (14 Apr), Tesla said all prices for new Model 3 and Model Y vehicles have been adjusted.

This will apply to the Rear-Wheel Drive versions as well as the Performance (Dual Motor All-Wheel Drive) versions of the respective models.

Model 3 cars will go down in price by 5%, with the Rear-Wheel Drive version dropping to S$75,990 and the Performance now S$94,990.

Model Y cars will be cheaper by about 4.35% for the Rear-Wheel Drive version (S$87,990) and 4.5% for the Performance version (S$105,990)

Source: Courtesy of Tesla

That also means the Rear-Wheel Drive versions of both models went down by S$5,000. Meanwhile, the Performance versions went down by S$4,000.

Basic Model 3 now S$104K excluding COE

A check on Tesla’s website showed that a basic Model 3 would cost an estimated S$104,754 excluding the Certificate of Entitlement (COE).

This is calculated after adding Goods and Services Tax (GST) and other fees like the Additional Registration Fee (ARF).

The basic Model Y is estimated to cost S$132,620 minus COE.

Tesla Model Y. Source: Tesla

Tesla aims to pass cost savings to customers

In their media release, Tesla said they’ve made “continuous improvements in vehicle manufacturing and efficient cost control”.

They indicated that the savings resulting from that will benefit customers, adding,

Tesla aims to pass the value from efficient cost savings directly to all valued customers and to further accelerate the world’s transition to sustainable energy in the city with affordable electric vehicles.

The company also noted that all Tesla electric vehicles are eligible for rebates of up to S$45,000 on ARF under the Vehicular Emissions Scheme (VES) and electric vehicle Early Adoption Incentive.

Tesla reduces prices in US for 5th time in 2023

However, Tesla has cut their prices in the United States (US) for the fifth time this year, according to Reuters.

This came after they reported that their deliveries for the first quarter of 2023 increased just 4% from the previous quarter.

That figure materialised despite Tesla already offering discounts in countries like China, Japan, and the US.

Image courtesy of Pontiac Land Group

Besides Singapore, Tesla also announced price reductions in Europe, including Germany and France, and Israel on Friday.

In January, Tesla offered Singapore customers limited-term discounts if they bought the existing inventory of their Model 3 or Model Y.

However, the company made no general price adjustments at the time.

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Featured image adapted from Tesla.